Wed, 03/16/2016 - 12:00am
International Securities Market launched in Barbados
A market for the listing and trading of securities of issues which may or may not be incorporated in Barbados, and which would otherwise be listed and traded on other exchanges around the world has been launched, thanks to the Barbados Stock Exchange (BSE).
The International Securities Market (ISM), which was launched yesterday at the Hilton, is expected to be largely beneficial to Barbados in relation to attracting international business.
Randall Belgrave, Deputy Chairman of the BSE, stated that the ISM solidifies the commitment of the BSE to the economy of Barbados, even though it is not entirely new.
Reiterating its benefits, he noted that the ISM of Barbados along with the International Business and Financial Services (IBFS) sector can lead to making this country the destination of choice for international business.
Given that, Minister of Industry, International Business, Commerce, and Small Business Development, Donville Inniss commended the BSE for the
He added: “It is anticipated that participants in the ISM, which are likely to be international offshore and international business companies, would be regulated by the BSE for their actions and obligations under the Rules of the ISM and continue to be subject to prudential regulation by the Central Bank of Barbados.”
Moreover, they would also be regulated by the Financial Services Commission for take-overs, insider trading and market manipulation. This, according to the Minister will enable the BSE to ensure a strong regulatory focus for the ISM which is absent in many less well-regulated off shore international centres.
Benefits of the ISM that Barbados will enjoy outlined by the Minister include: raising financial profile internationally as an international financial centres, attracting new types of international business to Barbados, encouraging positive use of our double taxation treaties, facilitating new types of businesses and creating new jobs and opportunities for persons with specialized skills.
Therefore, Inniss endorsed the ISM initiative. “I therefore wish to urge you the players in the international business community to get on board…your participation in the ISM will not only ultimately redound to the benefit of your companies; there will be spill-over effects to the sector which will undoubtedly mean increased revenue for the Barbados economy,” remarked the Minister.